Bedford 203 Housing Development Fund

“Housing and services, inc. Is the sole member.”

“Hsi elects the directors of the organization.”

“The following corporate actions may not be taken without approval of hsi: any amendment of, or change to, the certificate of incorporation; petition for judicial dissolution; and any resolution to dispose of all, or substantially all, of the assets of the corporation, approval of a plan of merger, authorize a plan of non-judicial dissolution, or revoke a voluntary dissolution proceeding.”

“Prior to submission, the organization's director of financial reporting and executive director/treasurer reviewed the draft return in detail with the return's preparer and circulated the reviewed draft to the remaining full board consisting of the organization's chair and corporate secretary for their review and comments.”

“The organization is a membership new york state not-for-profit organization whose sole member is housing and services, inc., a new york state not-for-profit organization exempt from income taxes under irs code 501(c)(3). Housing and services, inc. Is the organization's sponsor, developer of its low-income housing project and will act as the projects property manager when the project is placed into service. In conjunction with actions of the board of housing and services, inc., the organization adopted a formal written conflict of interest policy requiring that all trustees read and sign written acknowledgement that they have read the policy, understand the policy and have made all required disclosures under the policy on an annual basis. In conjunction with actions of the board of housing and services, inc, the organization's board of trustees has a finance committee whose functions include a review for compliance with the organization's conflict of interest policy on a minimum of an annual basis. The annual reviews were performed and the results of these reviews were reported to the full board of trustees.”

“In conjunction with actions of the board of housing and services, inc., the organization has charged the executive committee of housing and services, inc. With an annual review to ensure that senior management compensation is reasonable. The committee is provided information for comparable peer organizations and considers senior management of responsibilities and recent job performance in its determination of the reasonableness of senior management. The committee meets at least once annually and also meets on an ad hoc basis when changes to senior management compensation are considered. The full board and the executive committee have currently defined senior management as the executive director and deputy executive director. Senior management compensation is paid by housing and services, inc. And is not paid by the organization. The organization's executive director and corporate secretary are employees of housing and services, inc. Their compensation is paid solely by housing and services, inc. And none of their compensation is paid by the organization or any other related entity besides housing and services, inc. Housing and services, inc. Accounts for the pool of costs it incurs to manage its controlled related entities, including the organization, and charges each related entity, including the organization, for their allocable portion of the total pool, which includes allocations of the compensation of housing and services, inc.'s senior management.”

“The organization's form 990, audited financial statements and conflict of interest policy are available upon request.”